The former Season 10 front-runner has joined Interscope Records, whose chairman is Idol mentor Jimmy Iovine, according to the magazine.
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"Pia is being signed to a deal with Interscope Records who are rushing her into the studio to record an album ASAP," a source told Us Weekly. "Starting [Thursday] night after the show, Interscope told her they wanted her and first thing [Friday] morning Interscope brass started calling every top songwriter and producer in town to get an album together and rush release it."
According to the source, paperwork is still being finalized, but it's basically a done deal.
Toscano, whose elimination stunned fans, the judges, her competitors and stars alike, said afterwards that she had a feeling she would be in the bottom three.
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"I actually said it to my parents and they were like, 'Don't think like that, please don't think like that,'" she said. "But whenever I have a feeling like that, it usually happens. My instincts are very good. I wish they weren't so good sometimes."